Business
Sol-Gel Technologies Announces Closing of Additional $5.0 Million Investment
Investment is for ordinary shares and warrants to purchase ordinary shares at a combined price of $11 per ordinary share and accompanying warrants to purchase
About this update from Sol-gel Technologies Ltd.
[{"type":"text","content":"Investment is for ordinary shares and warrants to purchase ordinary shares at a combined price of $11 per ordinary share and accompanying warrants to purchase 0.80 of an ordinary share\n Investment brings total gross proceeds from the February 2020 transactions to $28 million NESS ZIONA, Israel, April 13, 2020 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a clinical-stage dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases, today announced that following the approval by Sol-Gel’s shareholders, Sol-Gel’s controlling shareholder, M. Arkin Dermatology Ltd., has closed an additional $5.0 million investment in Sol-Gel. This investment brings the total gross proceeds from the February 2020 underwritten offering and the M. Dermatology Ltd. investment to $28 million. “I have been highly involved with Sol-Gel since August 2014, and I have watched management continue to execute on milestone after milestone,\" commented Mori Arkin, Sol-Gel’s Chairman of the Board of Directors and Founder and Chairman of M. Arkin Dermatology Ltd. “I am happy to increase my investment in Sol-Gel, even at this premium, as I firmly believe in the Company’s ability to provide patients with better skincare products.” As part of the investment, Sol-Gel issued to M. Arkin Dermatology Ltd. 454,628 ordinary shares and warrants to purchase up to 363,702 ordinary shares in a private placement at a combined price of $11.00 per ordinary share and accompanying warrant to purchase 0.80 of an ordinary share, which is the same price as the public offering price of the ordinary shares and accompanying warrants issued in Sol-Gel’s underwritten public offering that closed in February 2020. The warrants issued to M. Dermatology Ltd. have an initial exercise price of $14.00 per share, subject to certain adjustments, and will expire on February 19, 2023, which are on the same terms as the warrants issued in the public offering. M. Arkin Dermatology Ltd. agreed to make this private investment concurrently with the February 2020 underwritten public offering. “We are extremely pleased to have the continued support from our lead shareholder, Mr. Mori Arkin, as we move towards our NDA filings for Epsolay® and Twyneo® later this year and commercialization of both drug ca...